Deere & Company (NYSE:DE) Given New $580.00 Price Target at DA Davidson

Key Points

• DA Davidson has lowered its price target for Deere & Company from $595.00 to $580.00, while maintaining a "buy" rating, indicating a potential upside of 18.69% from the current stock price.
• Deere's quarterly earnings report showed $4.75 earnings per share, surpassing the consensus estimate, but revenue declined by 9.0% year-over-year.
• Overall analyst ratings for the stock are mixed, with one sell rating, eleven holds, eight buys, and one strong buy, resulting in a consensus rating of "Hold" with a target price of $524.00.

Deere & Company (NYSE:DE - Get Free Report) had its target price cut by equities research analysts at DA Davidson from $595.00 to $580.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the industrial products company's stock. DA Davidson's price objective points to a potential upside of 18.69% from the stock's current price.

DE has been the topic of a number of other research reports. Wall Street Zen downgraded Deere & Company from a "hold" rating to a "sell" rating in a research report on Saturday. Melius upgraded Deere & Company from a "hold" rating to a "buy" rating in a research report on Friday, June 6th. Truist Financial lowered their price target on Deere & Company from $619.00 to $602.00 and set a "buy" rating on the stock in a research report on Friday. JPMorgan Chase & Co. boosted their target price on Deere & Company from $490.00 to $540.00 and gave the stock a "neutral" rating in a research report on Friday, May 16th. Finally, Melius Research upgraded Deere & Company from a "hold" rating to a "strong-buy" rating in a research report on Friday, June 6th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Deere & Company has a consensus rating of "Hold" and a consensus target price of $524.00.

Deere & Company Trading Up 2.1%

NYSE DE opened at $488.68 on Monday. The stock has a market capitalization of $132.35 billion, a price-to-earnings ratio of 25.55, a PEG ratio of 3.10 and a beta of 1.06. Deere & Company has a one year low of $371.16 and a one year high of $533.78. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.19 and a quick ratio of 1.98. The business's fifty day moving average is $511.18 and its 200-day moving average is $490.04.

Deere & Company (NYSE:DE - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The industrial products company reported $4.75 earnings per share for the quarter, beating the consensus estimate of $4.62 by $0.13. Deere & Company had a return on equity of 21.97% and a net margin of 11.72%. The business had revenue of $10.36 billion during the quarter, compared to analyst estimates of $10.33 billion. During the same period in the prior year, the company earned $6.29 earnings per share. Deere & Company's revenue was down 9.0% compared to the same quarter last year. Equities research analysts predict that Deere & Company will post 19.32 EPS for the current year.

Hedge Funds Weigh In On Deere & Company

Institutional investors and hedge funds have recently modified their holdings of the stock. Mid American Wealth Advisory Group Inc. bought a new stake in Deere & Company during the 2nd quarter valued at $25,000. Activest Wealth Management raised its position in Deere & Company by 2,750.0% during the 1st quarter. Activest Wealth Management now owns 57 shares of the industrial products company's stock valued at $27,000 after purchasing an additional 55 shares in the last quarter. Howard Hughes Medical Institute purchased a new stake in Deere & Company during the second quarter worth $27,000. Hughes Financial Services LLC purchased a new stake in Deere & Company during the first quarter worth $29,000. Finally, Cornerstone Planning Group LLC lifted its holdings in Deere & Company by 116.1% during the first quarter. Cornerstone Planning Group LLC now owns 67 shares of the industrial products company's stock worth $31,000 after buying an additional 36 shares during the period. Hedge funds and other institutional investors own 68.58% of the company's stock.

About Deere & Company

Deere & Co engages in the manufacture and distribution of equipment used in agriculture, construction, forestry, and turf care. It operates through the following segments: Agriculture and Turf, Construction and Forestry, and Financial Services. The Agriculture and Turf segment focuses on the distribution and manufacture of a full line of agriculture and turf equipment and related service parts.

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